MIRA
INFORM REPORT
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Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
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Name : |
PARLE AGRO PRIVATE LIMITED |
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Formerly Known As : |
PARLE AGRO LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
26.12.1985 |
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Com. Reg. No.: |
11-38459 |
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Capital Investment
/ Paid-up Capital : |
Rs.2.000
Millions |
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CIN No.: [Company
Identification No.] |
U15130MH1985PTC038459 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM19663A |
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PAN No.: [Permanent
Account No.] |
AAACP8416G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Fruit Flavour Beverages. |
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No. of Employees: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 10860000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial position
of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
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Name : |
Mr. Eluter |
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Designation : |
Accountant |
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Date : |
31.05.2011 |
LOCATIONS
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Registered
Office/Head Office : |
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Tel. No.: |
91-22-66935025/ 32/ 66931921/ 24/ 65185761/ 67348000 |
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Fax No.: |
91-22-66935050 |
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E-Mail : |
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Website: |
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Area : |
18000 Sq. Fts. |
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Location : |
Owned |
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Factory : |
Plot No. 1- 14, |
DIRECTORS
As on 15.09.2010
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Name : |
Mr. Prakash Jayantilal Chauhan |
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Designation : |
Executive Chairman |
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Address : |
Shanti Kunj, |
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Date of Birth/Age : |
16.12.1946 |
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Qualification : |
Electron. Technology Programme – RCA Institute ( |
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Experience : |
39 Years |
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Date of Appointment : |
01.06.1998 |
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Email : |
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Name : |
Mr. Schauna Chauhan Bikramjeet Saluja |
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Designation : |
Whole Time Director and Chief Executive Officer |
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Address : |
2901, Winga 29th Floor, |
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Date of Birth/Age : |
02.08.1976 |
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Qualification : |
BBA International Management in Business |
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Experience : |
11 Years |
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Date of Appointment : |
01.02.1999 |
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Email : |
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Name : |
Ms. Alisha Chauhan Riyad Kundanmal |
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Designation : |
Director |
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Address : |
1401/ 1402, Hicons Classic, CTS F/ 125, New Galita, TPS IV, |
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Date of Birth/Age : |
14.09.1978 |
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Qualification : |
Bachelor of Commerce, Bachelor of Economics, BBA |
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Experience : |
10 Years |
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Date of Appointment : |
15.09.2010 |
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Name : |
Mr. Nadia Chauhan Kurup |
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Designation : |
Joint Managing Director and Chief Marketing Officer |
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Address : |
Anand Apartment, 13th Floor, Plot, No.424, Chitrkar Dhurandhar
Marg, Khar (West), Mumbai - 400 052, |
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Date of Birth/Age : |
08.01.1986 |
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Qualification : |
Bachelor of Commerce |
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Experience : |
6 Years |
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Date of Appointment : |
01.04.2004 |
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Email : |
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Name : |
Mr. Prafull Pundalik Bandekar |
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Designation : |
Whole Time Director |
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Address : |
165 – E, Mumbadevi Sadan, 3rd Floor, Hindu Colony, |
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Date of Birth/Age : |
16.05.1944 |
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Date of Appointment : |
24.09.2004 |
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Email : |
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Name : |
Mr. Chandraprakash Dilbahadur Sood |
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Designation : |
Director |
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Address : |
Plot No.110, Flat No.9, Uma Kunj, Behind Pratap Society, Four
Bunglows, Andheri (West), Mumbai – 400 053, Maharashtra, India |
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Date of Birth/Age : |
16.07.1957 |
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Date of Appointment : |
15.02.2007 |
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Name : |
Mr. Ashok Purshottam Bhave |
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Designation : |
Director and Head Technical |
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Address : |
27-C, Prem Varsha Parsiwada, |
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Date of Birth/Age : |
05.10.1948 |
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Qualification : |
M.E., Ministry of Transport |
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Experience : |
43 Years |
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Date of Appointment : |
21.05.2008 |
KEY EXECUTIVES
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Name : |
Mr. Dinesh S. Shetty |
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Designation : |
Secretary |
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Address : |
11B, 1201, |
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Date of Birth/Age : |
10.12.1967 |
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Date of Appointment : |
02.08.2010 |
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Name : |
Mr. Sanjiv L. Jaju |
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Designation : |
Director – Sales (Not a member of the Board of Directors) |
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Name : |
Mr. Rajendra P. Kale |
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Designation : |
Head – Quality Assurance |
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Name : |
Mr. S. Rajagopal |
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Designation : |
Head – Accounts, Taxation and Legal |
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Name : |
Mr. Vivek Raizada |
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Designation : |
General Manager – Legal and Company Secretary |
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Address : |
D 501, Bharat Apartment, |
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Date of Birth/Age : |
15.08.1971 |
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Date of Appointment : |
24.01.2009 |
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Date of Ceasing : |
28.06.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.09.2010
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Names of Shareholders |
No. of Shares |
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Prakash Jayahntilal Chauhan |
17000 |
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Schauhna Chauhan Saluja |
1000 |
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Alisha Chauhan Kundanmal |
1000 |
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Nadia Chauhan Kurup |
1000 |
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Total |
20000 |
As on 15.09.2010
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Equity share
breakup |
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Category |
Percentage of Holding |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Fruit Flavour Beverages. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
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Flavour Units (Non Alcoholic Beverage Base) including Hot fill Base
units |
Nos. |
30000 |
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Fruit Milk based Drinks ** |
Lac Litres |
2907.12 |
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P.E.T Performs ** |
Tonnes |
14800 |
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Packaged Drinking Water ** |
Lac Liters |
NIL |
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Caps, Closures and Handles |
Million |
11 |
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Toasted Bread Snack ** |
Metric Tonnes |
930 |
Note:
* As certified by the management and being a
technical matter relied upon by the auditors.
** The company manufactures fruit based
drinks/ PET performs/ packaged drinking water/ toasted bread snack in various sizes
based on actual demand from time to time. Hence, it is not feasible for the
company to give installed capacity in numbers/ cartons.
GENERAL INFORMATION
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Customers : |
· Wholesalers · Distributors |
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No. of Employees: |
Not Divulged |
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Bankers : |
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Facilities : |
Note: Loans from banks on cash credit accounts and term loan accounts are
secured against pledge of 424364.832 units of Reliance Money Manager Fund –
Institutional Option Growth Plan and 3663182.371 units of ICICI Prudential
Flexible Income Plan Premium – Growth.
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Financial Institute : |
Tetra-Pak India Private Limited, Mayfair Tower, Ground Floor,
Wakdewadi, Shivaji Nagar, Pune-411005, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountants |
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Address : |
Jalan Mill Compound, 95, Ganpatrao Kadam Marg, Lower
Parel, Mumbai - 400 013, |
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Tel. No.: |
91-22-40356300 |
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Fax No.: |
91-22-40356400 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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525000 |
Equity Shares |
Rs.100/- each |
Rs.52.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.100/-
each |
Rs.2.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2712.922 |
700.940 |
671.411 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2714.922 |
702.940 |
673.411 |
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LOAN FUNDS |
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1] Secured Loans |
731.593 |
579.008 |
760.211 |
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2] Unsecured Loans |
0.000 |
574.495 |
174.318 |
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TOTAL BORROWING |
731.593 |
1153.503 |
934.529 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3446.515 |
1856.443 |
1607.940 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1313.366 |
1302.648 |
757.514 |
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Capital work-in-progress |
372.399 |
32.647 |
440.475 |
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INVESTMENT |
1175.017 |
0.025 |
0.001 |
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DEFERREX TAX ASSETS |
56.672 |
41.302 |
25.818 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
832.286
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848.056
|
568.005
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Sundry Debtors |
116.698
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103.478
|
100.657
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Cash & Bank Balances |
69.322
|
30.479
|
31.363
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Other Current Assets |
3.928
|
2.204
|
2.732
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Loans & Advances |
444.515
|
283.347
|
322.292
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Total
Current Assets |
1466.749
|
1267.564
|
1025.049
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
470.710 |
425.950 |
379.791
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Current Liabilities |
394.541
|
288.429
|
246.240
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Provisions |
72.437
|
73.364
|
14.886
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Total
Current Liabilities |
937.688
|
787.743
|
640.917
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Net Current Assets |
529.061
|
479.821
|
384.132
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3446.515 |
1856.443 |
1607.940 |
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PROFIT & LOSS
ACCOUNT
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Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
6850.000 |
The above information has been parted by Mr. Eluter (Accountant)
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
5634.069 |
5031.075 |
4282.155 |
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Other Income |
192.138 |
44.638 |
34.867 |
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Excess/ Short Provision |
19.159 |
5.493 |
7.035 |
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TOTAL (A) |
5845.366 |
5081.206 |
4324.057 |
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Less |
EXPENSES |
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Increase/ Decrease in inventories |
59.139 |
(123.532) |
(80.485) |
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Raw and Packaging Materials Consumed |
2772.304 |
2610.229 |
2135.964 |
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Personnel Expenses |
573.623 |
458.720 |
343.508 |
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Operating and Other Expenses |
1885.236 |
1595.977 |
1408.057 |
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Other Expenditure |
77.835 |
38.084 |
188.379 |
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TOTAL (B) |
5368.137 |
4579.478 |
3995.423 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
477.229 |
501.728 |
328.634 |
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Less |
INTEREST
EXPENSES (D) |
38.586 |
118.165 |
70.183 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
438.643 |
383.563 |
258.451 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
304.184 |
284.670 |
177.560 |
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PROFIT BEFORE
TAX (E-F) (G) |
134.459 |
98.893 |
80.891 |
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Less |
TAX (H) |
11.733 |
40.853 |
32.226 |
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PROFIT AFTER TAX
(G-H) (I) |
122.726 |
58.040 |
48.665 |
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Post merger Profit/ (Loss) of PSSPL for the year 2007-2008 |
0.000 |
(1.870) |
0.000 |
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Post merger Profit/ (Loss) of PPPL for the period from January to
March, 2009 |
60.797 |
0.000 |
0.000 |
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Balance of P and L a/c of PPPL till 31st December, 2008
pursuant to Scheme of Arrangement |
591.289 |
0.000 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
320.006 |
263.836 |
215.171 |
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BALANCE CARRIED
TO THE B/S |
1094.818 |
320.006 |
263.836 |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB Value of Exports |
186.681 |
179.082 |
108.435 |
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TOTAL EARNINGS |
186.681 |
179.082 |
108.435 |
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IMPORTS |
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Raw Materials |
21.180 |
6.155 |
0.000 |
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Components and Spare Parts |
4.538 |
5.643 |
7.867 |
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Capital Goods |
44.931 |
126.238 |
0.000 |
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TOTAL IMPORTS |
70.649 |
138.036 |
7.867 |
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Earnings Per
Share (Rs.) |
6136.00 |
2902.00 |
243 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.10
|
1.14
|
1.13 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.39
|
1.97
|
1.89 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.84
|
3.85
|
4.54 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.14
|
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.61
|
2.76
|
2.34 |
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Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.61
|
1.60 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditor (Includes amount
payable after one year Rs.19.521 millions) |
470.710 |
425.950 |
379.791 |
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OPERATIONS:
The Company has recorded profit before tax, prior period items and exceptional
items of Rs.134.459 millions as against Rs.98.893 millions in the previous
year, recording a growth of 35.96%.
The major concern during the year was the rising food inflation
especially in the second half. During the year despite of uncertainties and
complexities, the Company remained focused on continuous excellence and
strengthened or implemented initiatives across functions to eventually create
value for stakeholders and delight consumers. Today as lifestyles are changing
rapidly the Company continues to focus on understanding the evolving needs of
the consumer and is constantly innovating and renovating to develop products
that are convenient, enhance taste, affordable and truly refreshes its
Consumers.
SCHEME OF
AMALGAMATION:
During the year the Company had filed a Scheme of Amalgamation (‘the
Scheme’) with the Bombay High Court with regard to the amalgamation of Parle
Pet Private Limited, a Wholly Owned Subsidiary of the Company with the Company
with an Appointed Date of 1st January, 2009. The Scheme has been
approved and order for amalgamation has been passed by the Honorable High Court
of Mumbai on 30th April, 2010. The Scheme has become effective from
10th May, 2010 and the necessary effect of the same has been given
in the audited financial statement for the year.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10093570 |
|
Corporate
identity number of the company |
U15130MH1985PTC038459 |
|
Name of the
company |
PARLE AGRO
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
|
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Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Others |
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Number of charge
holder (s) |
1 |
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Particular of
charge holder |
Yes Bank Limited, 9th Floor, Nehru Centre,
Discovery of |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation dated June 17, 2009 |
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Date of instrument
Creating the charge |
17.06.2009 |
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Amount secured by
the charge |
Rs.200.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest WCDL and CC: Floating: 2.0% below YBL's PLR, current
rate would be 14% p.a., L C- For Usance 1.05%p.a For Capex LC: 1.75% p.a.
& BG-Financial 1.5% p.a. (plus taxes as applicable payable upfront) Terms of
Repayment As per Facility
Letter Ref. No. YBL/MUM/FL/056/2009-10 dated April 22, 2009 Margin Working Capital
Demand Loan (WCDL): 25% on (Book debts<90 days + stocks - creditors) Cash Credit (CC):
25% on (Book debts<90 days + stocks - creditors) Extent and
Operation of the charge First pari passu
charge on the whole of the current assets of the Borrower's stocks of raw
material, semi - finished goods, stores and spares including relating to
plant and machinery (consumable stores and spares), Bills receivables and
book debts and all other receivables and movables, both present and future |
|
Short particulars
of the property charged |
I)
First
pari passu charge on the whole of the current assets of the Borrower's stocks
of raw material, semi - finished goods, stores and spares including relating
to plant and machinery II)
(consumable
stores and spares), Bills receivables and book debts and all other
receivables and movables, both present and future |
|
Particulars of
the present modification |
The present
Charge has been modified by Supplemental Deed of Hypothecation dated 17th
June, 2009 Whereby the credit facilities to the extent of INR 200.000
Millions (Rupees Two Hundred Million) has been modified as under: 1. WCDL-
(Existing Facility) INR 200,000,000/- 2. Cash Credit
-(Sub limit of WCDL facility) INR 50.000 Millions 3. Letters of
Credit - Usance (Sub limit of WCDL facility) INR 100.000 Millions 4. Bank Guarantee
Financial (Sub limit of WCDL facility) INR 50.000 Millions. |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
a) Disputed income-tax liability (including interest thereon) |
60.598 |
|
b) Disputed sales tax liability |
4.897 |
|
c) Disputed Excise duty |
51.222 |
|
d) Guarantees given by the Banks |
4.345 |
|
e) Outstanding Letter of Credit |
193.756 |
FIXED ASSETS:
·
·
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Research and Development Assets
·
Office Equipments
·
Factory Lab Equipments
·
Computers
·
Tools, Dies and Moulds
·
Vehicles
·
Furniture and Fixtures
·
Air Conditioner
·
Water Coolers
·
Garden Equipment
·
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.10 |
|
|
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.